Smart Solar Market Share, Growing Demand, and Top Key Players

Need for Decreasing Energy Consumption Driving Demand for Smart Solar Solutions

The focus on renewable energy resources has risen considerably over the years. With the condition of the environment worsening day by day due to the excessive utilization of fossil fuels for energy generation, governments of different countries are now paying attention to renewable energy resources.

Moreover, the population across the globe has been increasing at a rapid pace, and the declining rate of fossil fuels has made them insufficient to cater to the energy needs of people after a few years. Ascribed to these factors, governments, as well as the general public, are trying to increase the share of energy generated through eco-friendly sources.

Smart solar solutions basically aid in increasing the efficiency of the solar components and reducing the electricity expenses for users. These solutions help users monitor their energy consumption and communicate in real-time with the components, thereby enabling them to decrease the consumption of power. The major reasons smart solar solutions are becoming popular are:

Need for reducing the wastage of energyNeed for increasing the efficiency of existing solar devices

Smart solar solutions are often integrated into the already existing PV setup, to improve the functional capabilities, including controlling and monitoring, of these components.

A major reason for the projected rise in the adoption of smart solar solutions is the rising investments in the technology. Governments of various countries are supporting these initiatives widely on account of the increasing concern regarding the environment. For example, the investment tax credit or the federal solar tax credit in the U.S. subsidizes 26% of the total installation cost of a solar energy system. Both commercial and residential systems are offered with such subsidies.

 

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Residential and commercial & industrial are the two application areas of smart solar technologies. Owing to the high initial cost of smart solar solutions, they are majorly being used in commercial and industrial applications at the present time. Since the residential sector is somewhat constrained by budgets, and the application in investor-owned utilities is limited, the installation rate of smart solar solutions is low in the sector, at least for the time being.

North America has been making a considerable use of smart solar solutions, which can be primarily attributed to the technological advancements and early adoption of solar energy solutions in the region. Other than this, the adoption of smart solar technologies is also projected to rise substantially in the Asia-Pacific region in the coming years. This is because of the rapid shift in the region toward renewable energy; APAC, led by China, Japan, and India, is already the world’s largest solar energy producer and user. Moreover, government initiatives here are driving the adoption of smart solutions for energy conservation in the region.